Hi and welcome to the next instalment of View From A Surgeon. Today we are going to talk about the pros and the cons of being an entrepreneur. First question is, am I an entrepreneur? I guess I am, as soon as I mead the lead to set up my Private Practice I became one, not to mention everything that has came since.
The personalities that doctors have often lend themselves quite well to entrepreneurship; you can lead situations and build businesses because of the type of personalities they have. So as already pointed out, we will discuss the pros and cons of entrepreneurship, so lets start with the pros.
- You can do things the way you want to- you can go in any direction you want (GMC and Law permitting of course), without having your superiors telling you what to do (because you no longer have any)
- You can do things when you want to do them- yet again, outside of legal or regulatory restrictions, you can do what you like when you like
- You can do things how you want them doing- GMC and Law permitting… are you sensing a theme here? By setting up in Private Practice I became my own boss, and I was able to set the rules
- Increased earning potential- One that isn’t always mentioned, but should be because we as humans don’t take big risks without going after the reward.
All sounds great right? Well we can’t visit the pros without crashing back to reality with the cons.
- Trying to get others to share your vision- only you know your business inside out, and you are (or at least should be) the hardest working person in the room, getting others that either work with you or for you to care as much as you do is almost impossible (it is your business so it is understandable why that is the case, but frustrating nonetheless), this becomes even more difficult as you scale
- Being a businessman as well as a doctor- we have talked about it in previous blogs, but maintaining good patient care and doing your ‘day job’ properly is a very hard balance to find when first starting up a business, or when looking to grow it
- Everyone needing your time- when you have staff, everyone wants a little bit of your time, as well as your service providers (accountants, wealth managers, insurers etc.). Those little chunks of time all added up become very large chunks of time, and being able to balance them can be very tricky.
Overall, to be a successful entrepreneur you need to be willing to give up 26 hours a day, 8 days a week (figure of speech), and if you aren’t willing to put that in while setting up and growing, then don’t do it.
Is it worth it?
If you are willing to put the time, effort and resource into it then I would say that it is worth it, because at the end of the day you have something that is tangible, can be as big as you can make it, and there is a sell-able asset at the end once you are finished.
Would I do it again?
Would I do it differently?
Yes I certainly would, I’ve learned over the years how to do it… and I think I have finally got it right.
Thanks for reading.